Non-Resident Seller Election To Have Withholding Form 2011 (Page 2 of 3) in pdf

RHODE ISLAND DIVISION OF TAXATION

NON-RESIDENT SELLER OF REAL ESTATE

ELECTION TO HAVE WITHHOLDING BASED ON GAIN

SPECIAL TYPES OF TRANSACTIONS

( ) Check here if this sale will not be subject to tax under IRC Section 121 (Sale of Principal Residence); 721 (Tax-

Free Exchanges – Partnership Interest); 1031 (Like Kind Exchange); or 1033 (In voluntary Conversions) and circle

the applicable section. If such section does not ultimately apply to this transaction, the Seller acknowledges the

obligation to file a Rhode Island tax return for the year of the sale.

INSTALLMENT SALE SCHEDULE

( ) Check here if the seller will be recognizing gain from this transaction on the installment sale election for federal

tax purposes. A complete installment sale schedule must be attached to this election form. See regulations and

instructions and enter the amount of unrecognized gain on page 1, line 6.

GAIN ON ASSETS HELD MORE THAN FIVE (5) YEARS

FOR SALE AFTER JANUARY 1, 2007 (INDIVIDUAL ONLY)

( ) Check here if this sale is for real estate that has been held for more then 5 years. Complete the following

schedule and enter the result on page 1, line 6.

Date real estate purchased:_________________ Date real estate sold:___________________

1. Enter the amount of gain reported on page 1, line 5.

$______________

2. If applicable, enter the amount of gain excluded due to

$______________

Principal residence

3. Enter the net gain amount (subtract line 2 from line 1)

$______________

4. Divide the amount on line 3 above by 3

$______________

5. Subtract the amount on line 4 from the amount on line 3

$______________

6. Total amount to be excluded from gain – add lines 2 and 5

Enter here and on page 1, line 6

$______________

NONRESIDENT CORPORATE INFORMATION

Property address: ___________________________________________________________

If the seller is a nonresident corporation, the buyer will be deemed to be in compliance with the remittance

requirements if the seller provides the buyer with a Letter of Good Standing issued by the Tax Administrator for the

purposes of the sale.

WITHOLDING APPLIED

Withholding will be credited to the nonresident Rhode Island seller(s) individual or corporate tax return(s) which

must be filed by the seller(s) for the year of the sale. If such withholding exceeds the actual tax due, the balance will

be refunded upon filing of a return. If less than the actual tax due, the balance will be due by the due date of the tax

return filed for the year of the sale.

Under penalties of perjury, I declare that I have examined this return, and to the best of my knowledge and belief, it is true, correct and complete.

Seller # 1 Signature

date:

IF MORE THAN TWO (2) SELLERS, ATTACH SCHEDULE FOR OTHER SIGNATURES

MAIL THIS FORM TO: Chief Revenue Agent

Personal Income Tax Section

Rhode Island Division of Taxation

One Capitol Hill

Providence, RI 02908

---Please include a self-addressed stamped envelope---

Non-Resident Seller Election To Have Withholding Form 2011 Page 2

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